The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said 16 banks have successfully met the recapitalisation requirements.
He hinted at this while briefing newsmen at the 303rd Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, November 25.
According to the CBN governor, the Committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds.
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“Members also acknowledged the substantial progress in the ongoing recapitalisation programme, with 16 banks achieving full compliance with the revised capital requirements,” Cardoso said.
He said the committee therefore urged the banks to ensure a successful implementation and conclusion of the programme.
Pinnacle Daily reported that at the CBN’s September MPC meeting, it was revealed that 14 banks have met the recapitalisation requirements.
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The apex bank had, in March 2024, mandated all banks to increase their minimum capital base, giving a 24-month deadline that will expire on March 30, 2026.
Commercial banks with international licences are to increase their capital base to N500 billion, national banks to N200 billion, regional and merchant banks to N50 billion, and non-interest banks with national and regional authorisations to N20 billion and N10 billion, respectively.
With about four months to the deadline, Pinnacle Daily can report that about 20 banks are still in the race to meet the CBN recapitalisation requirements.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
